An investigation for investors in Olo Inc. (NYSE:OLO) shares over potential securities laws violations by Olo Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/24/2022 -- Olo Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Olo Inc. (NYSE: OLO), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Olo Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
New York based Olo Inc. provides software-as-a-service platform for multi-location restaurants in the United States. On August 11, 2022, Olo Inc. announced second-quarter results and outlook. The net loss was $11.7 million or $0.07 per share, compared to a net loss of $2.4 million or $0.02 per share a year ago. Additionally, per one analyst covering Olo, management disclosed Subway (~15K locations) has begun the process of replacing Olo's Rails product with a homegrown solution (2.5k locations moved in 2Q with the remaining expected in 1Q23.
Shares of Olo Inc. (NYSE: OLO) declined from $14.08 per share on August 4, 2022, to $7.16 per share on August 22, 2022.
Those who purchased shares of Olo Inc. (NYSE: OLO) have certain options and should contact the Shareholders Foundation.
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